READING, Pa. (August 15, 2005) Penske Logistics, a wholly owned subsidiary of Penske Truck Leasing, announced today that it has assumed sole ownership and full operational control of Cotia Penske Logistics, a joint venture formed with Cotia Trading in 1998.
The new company will:
Operate under the Penske Logistics brand;
have sole responsibility for planning, executing and managing all customer supply chain solutions; and
continue to work with Cotia Trading as preferred business partners as it relates to foreign trade and logistics opportunities.
Penske Logistics and Cotia Trading have experienced a successful, seven-year partnership in which the companies have realized exponential revenue and client growth, said Vince Hartnett, President of Penske Logistics. Given Penske Logistics proven experience in providing strategic supply chain solutions on behalf of customers around the world, we are confident that we are well-positioned and dedicated to continue providing value on behalf of customers in South America.
Felipe Figliolini Filho, President of Cotia Penske Logistics and a partner in Cotia Trading, said, Cotia Trading is leaving this successful joint venture to focus on its core trading activities. We look forward to a continued relationship with Penske Logistics and successfully serving our many joint customers.
Operating since 1976, Cotia Trading is the largest independent Brazilian trading company. The company offers complete solutions to its customers, which integrate management, logistics and financing. Each operation is specially designed, taking into account all relevant concerns in order to achieve the best final result. A network of subsidiaries and affiliated companies assure improvement in efficiency to each operation. Technology and skilled professionals guarantee tax consultancy, fast solutions, continuous and reliable information flow.
Penske Logistics is a wholly owned subsidiary of Penske Truck Leasing, a joint venture of Penske Corporation and General Electric. Penske Logistics provides supply chain management and logistics services to major industrial and consumer companies throughout the world. Penske Logistics delivers value through design, planning and execution in transportation warehousing, international forwarding and carrier management